Uptick: Transaction executed at price higher than the preceding transaction in that security. Short sales may only be executed on upticks (also known as plus ticks) or zero- plus ticks (same price as previous transaction but higher than the last transaction at a different price).

Uncovered Call: A short position where the writer does not hold any long positions listed above.

Uncovered Put: A short position where the writer does not hold any of the above.

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V

No current terms.

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W

When Issued: Stands for 'when, as and if issued.' Term refers to a transaction made conditionally because a security, although authorized, has not yet been issued.

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X

No current terms.

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Y

Yield to Call: Yield on a bond using the assumption that the bond will be redeemed by the issuer on the next available call date. The same calculations are used to calculate yield to call as yield to maturity except that the principal value used is the call price and the call date is used in place of the maturity date.

Yield to Maturity: Yield calculation which takes into account the price discount from or premium over the face amount. It is greater than the current yield when the bond is selling at a discount and less than the current yield when the bond is selling at a premium.

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Z

Zero-Coupon Bond: Bond that makes no periodic interest payments but instead is sold at a deep discount from its face value. The owner of the bond receives his return by the gradual appreciation of the security until maturity at face value. Under U.S. tax law, the imputed interest is taxed as it accrues, although the investor received no cash. For this reason, the principal appeal of zero coupon bonds is for IRA and other tax sheltered retirement accounts. Tax-free municipal zero-coupon bonds are also traded.